50pc tax cut debate 'not until next year', says Osborne

Chancellor of the Exchequer, George Osborne, has said that a debate on the cutting of the 50 per cent tax rate will not happen until at least next year. In an interview with the Daily Telegraph on Saturday, the minister said that any chance of delivering tax cuts before the next general election depends on the economic situation and "how things develop" with the cutting of the deficit as the top priority. He was asked what the chances were of taxes being cut during this current session of parliament and replied that he could not make predictions like that. "I'm a Conservative who believes in lower taxes," he explained. "They lead to a more enterprising economy. But I'm not somebody who believes you can fund lower taxes by borrowing more money. I don't want to be a chancellor who cuts taxes one year and has to put them up the next ... tax cuts should be for life, not just for Christmas."When asked specifically about the 50 per cent tax rate, Mr Osborne said that there were more pressing financial matters to be dealt with - such as the euro zone crisis. "This is not an issue for this autumn," he explained.

http://www.50percenttax.co.uk/index/2011/10/4/50pc-tax-cut-debate-not-until-next-year-says-osborne.html